Women entrepreneurs have dominated the commercial sector for the past 15 years. Women entrepreneurs range from small, home-based businesses to powerful CEOs of some of the world’s most well-known corporations. While women still encounter some obstacles on the route to entrepreneurship, they are consistently altering the game by inventing new company models and occupations, ultimately assisting in shaping and growing the economy.
Statistics To Prove The Rise Of Women-Owned Businesses
We’ve compiled some key figures to show you how far women have progressed in the economic world.
In the United States, there are approximately 13 million women-owned enterprises
To put that figure into context, 13 million women-owned enterprises account for nearly 42 percent of all businesses in the United States. The ratio of female company owners in 2023 is undeniably great – but their work is far from done! Over the next few years, that number is anticipated to rise even further.
Women-owned enterprises are expanding at a 5% annual rate
While a growth rate of 5% for women-owned organizations might seem unassuming at first look, recall that it is over two times as quick as the growth rate of any remaining endeavors. While we’d all prefer to see that figure rise significantly further, it’s as yet something worth talking about to be pleased with – keep it up, women!
3 out of 10 entrepreneurs are women
Wholesale and retail companies are dominated by women, but they also provide health, education, government, administrative functions, and social services to a lesser level. Only 3 out of 10 entrepreneurs are female, according to the Mastercard Index of Women Entrepreneurs.
Women of color are taking charge
Women of color are leading the charge for women-owned businesses in practically every area. Women of color comprise 39% of the total female population in the United States, yet they are responsible for 89 percent of the net new women-owned enterprises every day (1,625) in the last year.
Why Is Female Entrepreneurship So Important?
Entrepreneurship is a critical driver of society’s health and prosperity and an economic growth engine. Combining a woman’s entrepreneurial spirit with her success ability fosters innovation, increases production, creates jobs, and addresses some of society’s most pressing issues.
Successful female entrepreneurs can also act as role models for other women, inspiring them to start businesses. As more women enter the global economy and start firms, women’s entrepreneurship helps close the gender gap.
Why Do Women Start Their Own Business?
If you’re a working woman who wants to establish your own business, now is the time to do it.
Here are a few compelling reasons to start your own company:
Live and work on your terms
As a business owner, you have complete control over your schedule, allowing you to strike the perfect work-life balance. You have complete control over the situation. Although it may take some time to find your ideal schedule, you are still in control and can make the necessary modifications to live your life.
It is difficult to become an entrepreneur. Women are entrepreneurial. Women in your immediate environment have homes, husbands, children, careers, and various other commitments. They have a lot on their plates. They have a great deal of power. They don’t mind putting in long hours. As a result, many of them perceive entrepreneurship as a natural fit. Women, unlike some men, are less concerned about monetary rewards. They are more focused on their profession and the delight of being able to use their expertise to make the world a better place by making things more accessible to others.
Execution & innovation
Some women choose to put their creative ideas into action, creating strategies to implement them and create a new market or a one-of-a-kind product or service. In this way, if plan A of working in a firm doesn’t work out, plan B of moving into the sphere of their desires might. Women are proving to the world that they can execute ideas and innovate just as well as males.
How To Start A Business As A Women Entrepreneur?
For women who are beginning a business, various loan options are available. Find out about local groups that offer grants to women company owners by contacting the Small Business Administration (SBA) office in your region. Aside from women’s loans, many women start their enterprises with bank loans, money borrowed from close friends and family, credit cards, and savings. The quantity of money you’ll need to start your small business is determined by your objectives.
Develop your brand
For a long period, most women entrepreneurs get caught in the same revenue and operations cycle. However, to expand, you must consider expansion from the beginning. To begin, make a list of how you can expand your company. Then devise strategies for achieving those objectives. It could be as basic as bringing on two new clients or creating a second location. Always keep in mind that the expansion project is a work in progress.
Have Faith In Yourself And In Your Company
Your confidence should be your most powerful weapon when starting a business as a woman. If you think you can do it, you’re almost there. Entrepreneurship is more like a stairway than a hard building. It’s critical to maintain faith and recognize that the rough road ahead is valuable because the world requires your contribution. As women, we can contribute to a varied, tolerant, and humanitarian business landscape.
Women must be taken seriously in the workplace, whether as executives or entrepreneurs. They tend to be more strategic and might bring diverse viewpoints to the table. This inclination may make them more risk conservative in acquisitions, but it also leads to more valuation success in the early stages of a company’s life cycle, when more deliberate choices have the most influence.
While achieving workplace equality will take time, women in business is a trend that can and should continue to expand. Women become excellent entrepreneurs for various reasons because they promote diversity inside their organizations. They’re adaptable, astute, and aware of what people want and need. Women-owned firms have the potential to add trillions to the US economy with the proper support.